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  • Man in a coffee shop smiling on his phone. Industrial helps business owners bank on the go.

ICS and CDARS

Financial Tips

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If the web address starts with "https://" this means your information is encrypted on the site.

Use the strongest method available to log into financial accounts, especially for high-risk transactions.

Install software that protects against malware, or malicious software, which can access a computer system without your consent to steal passwords or account numbers.

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Should you use your extra money to pay down debt or put into an investment? Explore how your rate of return could compare to your cost of debt, taking taxes into account.

It’s never too early to think about your retirement. Develop a strategy to meet your retirement savings goals.

 

INSURED CASH SWEEP (ICS®)
CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICES (CDARS®)

ICS and CDARS are smart, secure, and convenient ways to safeguard your large deposits. With ICS and CDARS, you can access multi-million-dollar FDIC insurance and earn interest, all through a single relationship with Industrial Bank.

Advantages of ICS and CDARS

Enjoy Peace of Mind - Funds are eligible for FDIC insurance protection beyond $250,000.

Earn Interest – Put excess cash balances to work by placing funds into money market deposit accounts (through the ICS savings option), and/or CDs (through CDARS) at competitive rates to which you agree with us.

Save Time – You are able to capitalize on the time-saving convenience of interacting with one bank – Industrial Bank. You sign one agreement, earn one interest rate, and receive regular statements. It’s that easy.

Access Funds – Make six program withdrawals per month from ICS funds placed into money market deposit accounts and unlimited withdrawals from ICS funds placed into demand deposit accounts. With CDARS, select from terms of 13 weeks to 2 years to meet your liquidity needs.

 Community Investment – Feel good knowing that the full amount of funds placed through ICS and/or CDARS can support local lending opportunities that build a stronger community.

How do ICS and CDARS work?

Industrial Bank is a member of the Promontory Interfinancial Network, LLC. When you place a large deposit with Industrial Bank using ICS or CDARS, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts at other ICS Network banks using the ICS demand option, in money market deposit accounts at other ICS Network banks when using the ICS savings option, or in CDs at other CDARS Network when using CDARS. This way both principal and interest are eligible for FDIC insurance coverage.

What else should I know? 

 Who can use ICS and CDARS?

  • Businesses of all types

  • Nonprofits

  • Public fund managers

  • Other large-dollar depositors

    CDARS may be laddered by various terms for liquidity purposes. Subject to penalty for early withdrawal.

    Funds may be submitted for placement only after a depositor enters into a CDARS or ICS Placement Agreement with us.

How can you take advantage of ICS and CDARS?

  Discuss CDARS with one of our friendly Personal Bankers or our Client Service Team at 202-722-2000 or email us at info@industrial-bank.com.

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CONTACT US

For questions or comments, please send an email to customerservice@industrial-bank.com.”

Our Client Services team is available Monday – Friday 8:30am – 6:00pm and Saturday, 9:00am – 1:00pm Eastern Standard Time

Just a note, the customer services I received today was outstanding, knowledgeable, patient, professional and simply helpful. Mrs. Tekel is an asset.

Norman R. Hodges
Owner of 4c Mobile Services

From out first interaction 9 years ago until today, everyone and I do mean everyone, has always gone above and beyond to make our customer experience the best it could be.

Salvatore Speziale
Ciao Osteria Italian Restaurant

Thank you to Industrial Bank for helping the black church throughout your entire 80 years. Thank you for how you empower the community.

Rev. Dr. G. Browning
Pastor of Ebenezer AME Church

Industrial has made a big difference in the African American community. So many people depend on it. I’m so proud of them and all they do.

V. Ali
Co-owner of the popular DC eatery Ben’s Chili Bowl

They are very straightforward without the gimmicks and hidden fees. The Business/Non-profit account fees they do have are the lowest, especially in the DC Metro area. I love this bank and can't believe I had not tried them sooner.

Tariq

So neat to just learn that this bank still exists and to know that it has existed for 80 years. I know that it was right down the street from me when I was a child now I am 61! :-)

Gaye Bri Moore

With my new job, I will be depositing my coins into a Black Owned bank (@BankIndustrial). Goodbye, Bank of America.

D. Gambrell @DcsMediaDiva

As a millennial I'm proud to be a part of @BankIndustrial. -@savantmusa


Another awesome experience at @BankIndustrial. I discussed the need for an internship for students with them. Gotta look out for the youth.

M. Hughes

We are moving our resources to a Black bank @BankIndustrial in DC that is investing & helping our community. @revtonylee #ReachWithUs - ABFE @ABFE


Our commitment has only grown stronger though the years, and we stand poised to bring our unwavering commitment of delivering convenient, personalized, high-quality products to the communities we serve.

B. Doyle Mitchell, Jr.
President/CEO of Industrial Bank

Banking with Industrial has been easy. My banker at the Oxon Hill banking center helped me establish a Student Checking account, so now I can bank on the go.

C. Johnson
College Student

Industrial helped me make my small business more successful. I received an SBA-expedited loan and merchant services, and I get fantastic service.

M. Luiz
Small Business Owner

I never knew helping my customers could be so easy! Industrial offers mortgage products and friendly service to help first-time home buyers, with no down payment!

J. Smith
Realtor

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